If you fall short of a certain minimum standard of living, you are poor; once you pass this standard, you are no longer poor. This refers to the ____ definition of poverty
a. average
b. absolute
c. relative
d. threshold
b
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Assume the firms in a monopolistically competitive industry initially are earning positive economic profits. Which of the following will not occur over? time?
A) The firms' economic profits will be reduced.
B) New firms will enter.
C) Demand for the existing firms' output will become more inelastic.
D) The number of substitutes available in the industry will increase.
________ usually increase(s) when the U.S. economy is in a recession and decrease(s) when the U.S. economy is expanding.
a. Consumer spending b. Planned investment c. Net Exports d. Unplanned investment
A government budget surplus occurs during a budget year when
A) tax revenues = government spending. B) tax revenues + government spending = personal income. C) tax revenues > government spending. D) tax revenues < government spending.
The law of diminishing marginal utility implies that the marginal utility of my tenth pistachio nut is less than the marginal utility of my third pistachio nut, other things constant
a. True b. False Indicate whether the statement is true or false